Lenders asked to tighten process for micro loans
credit appraisal and monitor the fund usage in micro loans.
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Lenders, on their part, have begun work on the creation of a unified business correspondent registry to track transactions of self-help groups (SHGs) and plan to assign unique IDs to SHG members to prevent multiple loans by the same members.
«There is a view that lending towards SHGs, which is largely done through joint liability groups, should be monitored more closely and the members should be encouraged to set up micro enterprises,» said an official aware of the development.
As per the estimate of banks, the sector has an SHG-linked exposure of about ₹4 lakh crore. «There have been instances where, after being unable to repay, the members of SHGs set up another such structure and seek fresh loans,» said a bank executive. That is why the government wants lenders to have more checks while sanctioning credit, this executive said.
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